The Second meeting of the BRICS Business Council took place yesterday, 15 July 2014, on the occasion of the Sixth BRICS Summit in Fortaleza, Brazil.

The meeting was Chaired by Mr José Rubens de la Rosa, Chairman of the Brazil and BRICS Business Council and attended by Mr Patrice Motsepe, Chairman of South Africa BRICS Business Council, Mr Ma Zehua, Chairman of China BRICS Business Council, Mr Onkar Kanwar, Chairman of India BRICS Business Council, and Mr Sergey Katyrin, Chairman of Russia BRICS Business Council.

The BRICS Business Council was established on 26-27 March 2013 during the Fifth BRICS Summit which was held in Durban, South Africa to strengthen and promote economic, trade, business and investment ties amongst the business communities of the BRICS countries and to ensure that there is regular dialogue between the business communities and Governments of the BRICS countries.

The BRICS Business Council submitted the BRICS Business Council 2013/2014 Annual Report to the BRICS Governments which highlighted areas of cooperation and commitment to cooperate and work in partnership with the Business communities in the BRICS countries to:

• create a dedicated BRICS Business information exchange platform (BRICS Business Portal)
• host and support the holding of sector specific trade fairs, exhibitions and forums within the BRICS nations
• launch a special section on the website of each BRICS Business Council country to post all BRICS business related information and updates and commercial proposals from business and potential joint venture partners and
• exchange business, trade, investment and manufacturing related best practices amongst Businesses in the BRICS countries.

The BRICS Business Council proposed that the BRICS Governments should:

• make special arrangements on visas to facilitate and encourage BRICS people-to-people exchange
• accelerate the establishment of the New Development Bank (“NDB”) to promote trade, business, investment and manufacturing ties amongst the BRICS countries and to mobilise resources for infrastructure and sustainable development projects in the BRICS countries and other emerging and developing economies and
• create a favourable environment to promote trade, business, investment and manufacturing ties amongst the BRICS countries and treat BRICS businesses, corporations and investments similar to local businesses, corporations and investments.

The BRICS Business Council also recommended that the BRICS Governments should undertake initiatives and measures with the BRICS Business Council and business in the BRICS countries to:

• enhance logistics and connectivity amongst the BRICS countries
• promote cooperation in infrastructure development amongst the BRICS countries
• promote the elimination of export subsidies in agriculture
• promote cooperation in mining, minerals beneficiation and adding value to minerals, energy and green economy, pharmaceuticals, agro-processing, services including financial, Information and Communication Technology (ICT), transportation, healthcare and tourism, value added manufacturing development, small, medium and macro-enterprise development, sustainable development, skills development and the transfer of technology and
• promote and increase value-added trade and manufacturing amongst the BRICS countries and between the BRICS countries and Africa.

Each of the BRICS Business Council Chapters identified key industries/sectors and projects that it wants to promote and advance in its trade, business and investment ties with the other BRICS countries and with Africa.

The BRICS Business Council also identified barriers and bottlenecks to promoting trade, business and investment ties amongst the BRICS countries and made recommendations which are aimed at eliminating these barriers and bottlenecks.

The Fifth edition of the BRICS Business Forum provided valuable opportunities for matchmaking and for in-depth discussions on promoting and increasing trade, business, investment and manufacturing ties amongst the BRICS countries and emerging economies as well as other global partners.